Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.91% against the USD and closed at USD68.14 per barrel, following reports that OPEC and Russia would stick to their oil supply cuts until the end of 2018.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.0 million barrels to 434.9 million barrels in the week ended 25 May.
In the Asian session, at GMT0300, the pair is trading at 68.17, with oil trading 0.04% higher against the USD from yesterday’s close.
The pair is expected to find support at 66.84, and a fall through could take it to the next support level of 65.5. The pair is expected to find its first resistance at 69.08, and a rise through could take it to the next resistance level of 69.99.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
